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While no one has ever said buying a home is a simple process, wouldn’t it be nice to reach out and press the “easy” button when it comes time to qualify for your mortgage. If you’re an active member of the military - or a veteran - qualifying for a VA home loan might be the next best thing.
Can first time home buyers find mortgages without down payments? The answer is YES! There are loans available for first time home buyer loans with zero down. You may be able to get a mortgage for the price you are paying now in rent. The two types of loans that fit this description are USDA rural development loans and VA loans.
What do you think of when you hear "USDA Rural Development?" Do you picture a big red barn and a long white fence with horses and lots of acres at hand? It's the wrong picture. In fact, USDA rural development is not for farmers. It's not a mortgage loan option for buying a farm. Let's look at what this loan program is for in today's housing market.
If you've already heard of the zero-down mortgage loan option USDA Rural Development, then you probably know the house must be in a specific area. As we've said here at AmeriFirst before, rural doesn't have to mean farm.